(1) Refer to ARM 42.26.202 for definitions applicable to this rule.

(2) If a taxpayer derives receipts from the sale of tangible property or the sale or redemption of intangible property not held primarily for sale to customers in the ordinary course of its trade or business such receipts will constitute sales for inclusion in the receipts factor to the following extent:

(a) Only the net receipts from the sale of tangible or the sale or redemption of intangible property shall be included in the receipts factor.

(b) In the case where the taxpayer has multiple transactions from the sale of tangible or the sale or redemption of intangible property only the net gains in excess of net losses will be included in the receipts factor.

(c) Before the net receipts from the sale of tangible property or the sale or redemption of intangible property may be included in the receipts factor the sales transactions must constitute apportionable income to the taxpayer.